News
Optimal Australia Absolute Trust
17 Feb 2017 - Australian Fund Monitors
The Optimal Australia Absolute Trust returned -1.0% in January 2017, to take the annualised return since inception to 8.32% p.a.
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17 Feb 2017 - Optimal Australia Absolute Trust
By: Australian Fund Monitors
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| Fund Overview | The Fund's bias is likely to be net long under normal market conditions, with the core strategy being to construct a portfolio of listed equity securities priced at levels that do not adequately reflect their underlying value. The Fund will seek to boost returns and limit potential market downside by selective short selling of individual stocks which are priced at levels that are viewed as materially above their underlying value. The Fund will also use certain trading strategies both within its core portfolio (through rebalancing stock weights and overall market exposure in response to price movements) and in certain other situations (typically of a shorter-duration and/or opportunistic nature) with the objective of further increasing returns. |
| Manager Comments | Several of the Fund's long investments that contributed positively in December, gave up much of their gains in January, including Henderson, Clydesdale, APN and Orocobre. The first two stocks confronted a severe headwind in the form of further weakness in the GBP. Other solid long performers included Woolworths, Newcrest, Link and Vocus Communications. A number of the fund's core shorts in retail and financials worked well for the month. However, the early stage (and small) short markers in materials were a drag on performance. The investment team retains a cautious position with respect to net market exposure and continues to focus on stock opportunities. |
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APN AREIT Fund
16 Feb 2017 - Australian Fund Monitors
APN AREIT Fund returned -3.81% in January to take the latest 24 months return to 17.71%.
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16 Feb 2017 - APN AREIT Fund
By: Australian Fund Monitors
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| Fund Overview | The senior management of APN FM all have significant experience in their fields. They include CEO Real Estate Securities, Michael Doble who has 25 years'experience having held various senior roles specialising in real estate valuation, consultancy and funds management. Immediately prior to joining APN in 2003 he was Head of Property at ANZ Funds Management. He is a fellow of the Australian Property Institute and FINSIA as well as holding a Bachelor of Business (Property). The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is suited to medium to long term investors seeking a relatively high monthly income and some capital growth over the long term. |
| Manager Comments | For the month of January, the portfolio remained mainly unchanged, with 61% in the Retail sector, followed by 20% in the Office sector. Cash holdings remained at 3%. The Fund's top 5 holdings were Scentre Group, Vicinity Centres, Stockland, Charter Hall Retail REIT and Dexus Property Group, with 3 of the holdings above 10% each. |
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Affluence Investment Fund
16 Feb 2017 - Australian Fund Monitors
Affluence Investment Fund increased 0.33% in January resulting in a +11.84% return for the latest 12 months.
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16 Feb 2017 - Affluence Investment Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund does not invest directly into any asset class, rather, it invests in investment managers which satisfy Affluence Funds Management's investment criteria; its investment philosophy is based on a formula developed by CEO/Portfolio Manager Daryl Wilson since the start of his career in 1999. The Fund targets total returns of at least 5% above inflation over rolling 3 year periods with volatility of returns less than 50% of the ASX200 Index. The Fund also aims to provide investors with a distribution yield of at least 5% p.a. Finally, the Fund aims to outperform the Australian stock market (S&P/ASX 200 Accumulation Index) by at least 5% in any year in which that index delivers a negative return. To ensure appropriate diversity of managers and limit the potential for conflicts of interest, no more than 20% of the Fund will be invested with any one manager. Affluence seeks to achieve the Funds' investment objective by choosing attractively priced investments overseen by quality managers. The Fund uses a number of processes to identify potential investments including quantitative screens for investments which meet historical performance, volatility and other criteria. They also use a number of external researchers and information sources to assist in this process. |
| Manager Comments | The best performing investments were resources related, with Baker Steel Gold Fund up 9.5% and the Terra Capital Natural Resources Fund up 8.1%. The long Australian equities funds were relatively flat, with the standouts being Sandon Capital up 4.4% and the Phoenix Opportunities Fund up 3.0%. The four long/short funds were down 1.2% overall. At the end of January, the Fund held investments in 24 unlisted funds, representing 56% of the total portfolio. The Affluence LIC Fund accounted for 20% of the portfolio and provided exposure to 21 LIC's. The Fund held investments in 6 other listed entities which represented 7% of the total portfolio, with the remaining 17% held in cash. |
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Totus Alpha Fund
15 Feb 2017 - Australian Fund Monitors
Totus Alpha Fund returned -2.00% in January and +23.35% for the latest 24 months.
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15 Feb 2017 - Totus Alpha Fund
By: Australian Fund Monitors
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| Fund Overview | The Fund is a long/short investment fund principally investing in listed entities, commodities, futures and options in Australia and internationally. The Fund is not a market neutral fund and accordingly may switch between net long positions and net short positions. The Fund may use short sales and derivatives. Gearing may be used to enhance returns and the Fund may be geared in excess of 100% of the Fund's Net Asset Value. There is a limit to net exposure of 150%. |
| Manager Comments | Top contributors in January were long positions in Facebook +0.91% and SmartGroup +0.35% and a short position in Mantra +0.25%. Biggest detractors were short positions in Energy World -0.35% and Estia -0.31% and a long position in Premier Investments -0.35%. At month-end (31 January), the Fund had a net exposure of 63.3% and a gross exposure of 217.4%. The Fund held 101 positions (44 long and 57 short). |
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Bennelong Australian Equities Fund
15 Feb 2017 - Australian Fund Monitors
Bennelong Australian Equities Fund beat the market (S&P/ASX 200 Accumulation Index -0.79%), posting a positive return of 0.79% for the month of January.
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15 Feb 2017 - Bennelong Australian Equities Fund
By: Australian Fund Monitors
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| Fund Overview | The Bennelong Australian Equities Fund seeks quality investment opportunities which are under-appreciated and have the potential to deliver positive earnings. The investment process combines bottom-up fundamental analysis with proprietary investment tools that are used to build and maintain high quality portfolios that are risk aware. The investment team manages an extensive company/industry contact program which helps identify and verify various investment opportunities. The companies within the portfolio are primarily selected from, but not limited to, the S&P/ASX 300 Index. The Fund may invest in securities listed on other exchanges where such securities relate to the ASX-listed securities. The Fund typically holds between 25-60 stocks with a maximum net targeted position of an individual stock of 6%. |
| Manager Comments | The Fund benefited from strong performances from some of the largest positions, including CSL, Treasury Wine Estates, and Resource stocks Rio Tinto, BHP and Fortescue Metals Group. On the other hand, the Fund's position in Domino's Pizza Enterprises detracted from performance. The investment team continues to remain focused on the company fundamentals, particularly in an environment of macro and political uncertainty. |
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KIS Asia Long Short Fund
14 Feb 2017 - Australian Fund Monitors
KIS Asia Long Short Fund rose 1.43% in January, taking the return for the most recent 12 months to 15.55%.
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14 Feb 2017 - KIS Asia Long Short Fund
By: Australian Fund Monitors
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| Fund Overview | Whilst the Fund's primary strategy is focused on long/short equities, the ability to retain discretionary powers to allocate across a number of other investment strategies is reserved. These strategies may include, but not be limited to: convertible bond investments, portfolio hedging, equity related arbitrage, special situations (e.g. merger arbitrage, rights offerings, participation in international public offerings and placements, etc.). The Fund's geographic focus is Asia excluding Japan, but including Australia). The Fund may invest outside of this region to the extent that: 1. The investment decision is driven from the Asian region or; 2. The exposure is intended to mitigate risk or enhance return from factors external to the Asian region. |
| Manager Comments | The January result was driven largely by long positions in Eden Innovations Ltd (EDE.AX) 0.31% and PetroChina Co Ltd (601857.SH) 0.23%. Detractors for the month included short positions in DBS Group Holdings Ltd (DBSM.SI) -0.23%, Hang Lung Group Ltd (0010.HK) -0.19% and CapitaLand Limited (CATL.SI) -0.16%. |
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Fund Review: Bennelong Long Short Equity Fund January 2017
14 Feb 2017 - Australian Fund Monitors
Latest Fund Review is now available on Bennelong Long Short Equity Fund which has an annualised return of 16.41% p.a.
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14 Feb 2017 - Fund Review: Bennelong Long Short Equity Fund January 2017
By: Australian Fund Monitors
AFM Fund Review - January 2017 (pdf format)
BENNELONG LONG SHORT EQUITY FUND
Attached is our most recently updated Fund Review on the Bennelong Long Short Equity Fund.
- The Fund is a research driven, market and sector neutral, "pairs" trading strategy investing primarily in large large-caps from the ASX/S&P100 Index, with over fourteen-year track record and annualised returns of 16.41% p.a.
- The consistent returns across the investment history indicate the Fund's ability to provide positive returns in volatile and negative markets and significantly outperform the broader market. The Fund's Sharpe Ratio and Sortino Ratio are 0.98 and 1.63 respectively.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - January 2017 (pdf format)
Fund Review: Bennelong Kardinia Absolute Return Fund January 2017
13 Feb 2017 - Australian Fund Monitors
Latest Fund Review is now available on Bennelong Kardinia Absolute Return Fund, which has an annualised return since inception of 11.14% p.a.
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13 Feb 2017 - Fund Review: Bennelong Kardinia Absolute Return Fund January 2017
By: Australian Fund Monitors
AFM Fund Review - January 2017 (pdf format)
BENNELONG KARDINIA ABSOLUTE RETURN FUND
Attached is our most recently updated Fund Review. You are also able to view the Fund's Profile.
- The Fund is long biased, research driven, active equity long/short strategy investing in listed ASX companies with over ten year track record.
- The Fund has significantly outperformed the ASX200 Accumulation Index since its inception in May 2006 and also has significantly lower risk KPIs. The Fund has an annualised return of 11.14% p.a. with a volatility of 7.19%, compared to the ASX200 Accumulation's return of 5.14% p.a. with a volatility of 14.02%.
- The Fund also has a strong focus on capital protection in negative markets. Portfolio Managers Mark Burgess and Kristiaan Rehder have significant market experience, while Bennelong Funds Management provide infrastructure, operational, compliance and distribution capabilities.
For further details on the Fund, please do not hesitate to contact us.
AFM Fund Review - January 2017 (pdf format)
APN Asian REIT Fund
13 Feb 2017 - Australian Fund Monitors
APN Asian REIT Fund returned -0.39% in January, against the Bloomberg Asia REIT Index which returned -1.07%.
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13 Feb 2017 - APN Asian REIT Fund
By: Australian Fund Monitors
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| Fund Overview | Pete Morrissey and Corrine Ng are the Portfolio Managers of the Fund. Morrissey has over 15 years financial markets experience and joined APN in 2006. Previously, he worked at Lonsec and also managed an internationally focused private investment fund as well as spending several years as an analyst in the UK for Nomura, amongst others. He has also completed Masters level academic research papers on both commercial real estate cycles and global property cycles. Ng also has a strong background in property and REITs in Australia, Asia and the North American markets. Prior to joining APN, Ng worked for Aviva Investors (Senior Investment Analyst, North America Real Estate Securities Team) and Goldman Sachs & Co (Vice President, Goldman Sachs Asset Management Real Estate Securities Team) in New York. The Fund aims to deliver a competitive yield with lower risk than the market. The underlying stocks are selected based on a highly disciplined investment approach that focuses on the fundamentals and number of valuation approaches. The universe is expected to be dynamic as new IPO's, other corporate actions take place and / or corporate governance improvements at country or REIT level bring new stocks into focus. The Fund focuses on passive rental earnings derived from well managed Asian REITs listed in mature capital markets and will not invest in infrastructure, property development companies or stocks with a 'loose association with property'. The Fund provides access to a wide spread of property-based revenue streams that are specifically analysed, selected and weighted with the aim of delivering strong and sustainable income returns. The Fund is an unhedged product. The Fund is suited to medium to long term investors seeking a relatively high income and some capital growth over the long term. |
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Allard Investment Fund
10 Feb 2017 - Australian Fund Monitors
The Allard Investment Fund's (AIF) returned +0.83% for the month of January 2017 (MSCI Asia Pacific ex-Japan A$ +0.66%).
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10 Feb 2017 - Allard Investment Fund
By: Australian Fund Monitors
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| Fund Overview | Allard's investment approach has remained consistent throughout their history: That is to invest prudently but proactively in well-managed businesses that achieve superior returns on capital in industries with long-term growth potential. The Manager uses both broad top-down guidance and detailed bottom-up analysis to identify suitable markets, industries and companies. Although long only investors, a critical factor in their strategy and performance is the ability to hold cash when they cannot find companies that meet their criteria or are at a sufficient discount to their valuations. |
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